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NASCUS survey CUs serve all Americans
ARLINGTON, Va. (12/20/07)—The National Association of State CU Supervisors (NASCUS) Wednesday released findings of its major survey of credit union service and reported that the income levels of credit union members tracks that of the U.S. population. NASCUS noted that although there are no state statutes, laws or regulations that specify credit unions shall serve individuals of low and modest means, more than 38 million members from all walks of life receive low-cost services from their credit union. That statement holds true, NASCUS said, regardless of charter type. The NASCUS research, based on a survey of 469 state-chartered credit unions, reflects the findings of a 2006 National Credit Union Administration (NCUA) report on credit union service. Both research projects were in response to a request by Rep. Bill Thomas (R-Calif.) who in 2005 chaired a House Ways and Means Committee hearing to examine the credit union tax status. Thomas has since retired from Congress. Credit Union National Association (CUNA) President/CEO Dan Mica said Wednesday, “The methodology and conclusions of the NASCUS report track very closely with the 2006 report released by the National Credit union Administration. “Taken together, these reports reflect that credit unions, regardless of charter type, are doing exactly what Congress intended them to do: serving ordinary working Americans. “CUNA is pleased that NASCUS's efforts add to the body of data that clearly demonstrate credit unions continue to offer a range of low-cost financial services and help a broad cross-section of the American public to make prudent financial decisions that promote thrift.” NASCUS said it analyzed more than 28 million account records for this report. The records represented accounts held by more than 14 million members of state-chartered credit unions. NASCUS focused on the committee’s four areas of inquiry: membership; executive compensation; Unrelated Business Income Tax (UBIT); and Credit Union Service Organizations (CUSOs). When the state regulators’ group launched its survey effort in September 2006, it explained that every state with state-chartered credit union but one would be included in the sampling. Alaska, with one such institution, would not be providing data. Some other states were expected to combine their information-gathering efforts due to such things as number of credit unions involved.
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